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Suppose the Market for Labor Is Perfectly Competitive and the Demand

Question 16

Multiple Choice

Suppose the market for labor is perfectly competitive and the demand for labor is L=100−10wL = 100 - 10 w and market supply is L=−20+10wL = - 20 + 10 w .If a minimum wage is imposed at w = 8,the number of workers hired will be


A) 20
B) 40
C) 60
D) 80

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